Download Real Estate Fundamentals: Chapter 1 Questions and Answers and more Exams Real Estate Management in PDF only on Docsity!
Superior School Real Estate - Chapter 1 Questions
and answers with 100% Complete solutions | verified
&updated 202 5 | Graded A+
Real Property includes... - ✔✔The earth's surface downward to the center and upward to infinity Real Estate includes... - ✔✔Improvements, buildings, fences, and trees/plants attached What is evidenced by a deed? - ✔✔Title and conveyance What are the other terms for personal property? - ✔✔Chattel or Personalty The document used to transfer personal property is - ✔✔A bill of sale
Physical Characteristics of Real Property are - ✔✔Immobile, Permanence or indestructibility, and unique Define Heterogeneity - ✔✔The quality or state of being diverse in character or content Define Non-homogeneity - ✔✔A physical characteristic of land describing that land as a unique commodity Economic Characteristics of Real Property - ✔✔SLIP - Scarcity, Location, Improvements, Permanence What is the most important economic factor of real estate? - ✔✔The Concept of Situs
Define Highest & Best Use - ✔✔The use of land that will preserve its utility and yield a net income in the form of rent that forms, when capitalized at the proper rate of interest, the highest present value of the land Define Immobility - ✔✔A physical characteristic of land describing the impossibility of relocating land from one place to another Define Improvements - ✔✔Structures, walls, roads, and so on Define Indestructibility - ✔✔A physical characteristic of land meaning that land is a permanent commodity and cannot be destroyed Define Personal Property - ✔✔All property that is not land and is not permanently attached to the land. Everything that is movable. Define Real Estate - ✔✔Land and everything that is permanently attached to land.
Define Real Property - ✔✔Land and everything permanently attached to land, including all rights and interests in the land Define REALTOR - ✔✔A registered trademark of the National Association of REALTORS Define Realty - ✔✔Land and everything permanently attached to the land Define Scarcity - ✔✔In short supply in comparison with demand Define Situs - ✔✔Location of land
